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Tax Reporting of Business Property (Sept 4)

 

Tax Reporting of Business Property

Learn about the solutions available to owners of business personal property (BPP) to avoid gross over-assessment.

Business personal property is routinely valued at 150 to 200% of fair market value, with the exception of inventory and vehicles. Inaccurate appraisal district straight-line depreciation schedules and inclusion of intangible personal property (which is not taxable) are the primary causes of gross over-assessment.

Learn about the solutions available to owners of business personal property (BPP). These solutions will include rendering based on market value instead of rendering cost (as allowed by state law), excluding the value of the intangible personal property, and appealing excessive assessments using market value evidence.

Learning Objectives

  • You will be able to define type of property.
  • You will be able to discuss disadvantages of rendering cost/year of acquisition.
  • You will be able to explain why rendering an opinion of value is best option.
  • You will be able to review how to reduce BPP property taxes.
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